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By: Murphy, et al. (Senate Sponsor - Patrick) |
H.B. No. 885 |
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(In the Senate - Received from the House May 1, 2013; |
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May 2, 2013, read first time and referred to Committee on |
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Education; May 15, 2013, reported favorably by the following vote: |
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Yeas 8, Nays 1; May 15, 2013, sent to printer.) |
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A BILL TO BE ENTITLED
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AN ACT
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relating to the guarantee of refinanced open-enrollment charter |
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school bonds by the permanent school fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 12.135(b), Education Code, is amended to |
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read as follows: |
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(b) A charter district may apply for bonds issued under |
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Chapter 53 for the open-enrollment charter school, including |
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refunding and refinanced bonds, to be guaranteed by the permanent |
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school fund as provided by Chapter 45. |
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SECTION 2. Section 45.052(a), Education Code, is amended to |
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read as follows: |
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(a) On approval by the commissioner, bonds issued under |
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Subchapter A by a school district or Chapter 53 for a charter |
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district, including refunding and refinanced bonds, are guaranteed |
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by the corpus and income of the permanent school fund. |
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SECTION 3. Section 45.0532, Education Code, is amended by |
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adding Subsection (a-1) to read as follows: |
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(a-1) The commissioner may not approve charter district |
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refunding or refinanced bonds for guarantee under this subchapter |
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in a total amount that exceeds one-half of the total amount |
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available for the guarantee of charter district bonds under |
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Subsection (a). |
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SECTION 4. This Act applies only to a bond issued, refunded, |
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or refinanced on or after the effective date of this Act by an |
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open-enrollment charter school designated as a charter district |
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under Section 12.135, Education Code. A bond issued, refunded, or |
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refinanced before the effective date of this Act by an |
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open-enrollment charter school designated as a charter district is |
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governed by the law in effect immediately before that date, and that |
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law is continued in effect for that purpose. |
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SECTION 5. This Act takes effect September 1, 2013. |
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